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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.

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Lesson 22: Factor Supply | Unit 1: Background Page: 2 of 25

Topic: Factor Payments <=PAGE BACK | PAGE NEXT=>

  • The factor payments:

  • Factor payments are the wage, interest, rent, and profit payments to the owners labor, capital, land, and entrepreneurship, in return for the use of the productive services.
  • A few more details about the four factor payments:

    • Wage: This is a payment to the owner of labor in exchange for the productive service of labor.

    • Interest: This is a payment to the owner of capital in exchange for the productive services of capital.

    • Rent: This is a payment to the owner of land in exchange for the productive services of land.

    • Profit: This is a payment to the owner of entrepreneurship in exchange for the productive services of entrepreneurship.


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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for malfunctioning pocket calculators.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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